Ryan O'Neal is battling prostate cancer

Actor reveals that the disease is stage 4, but adds that 'the prognosis is positive.'

Update: O'Neal's cancer is stage 2 but was previously reported as stage 4.

Ryan O'Neal, best known for his Academy-Award winning performance in "Love Story," has announced that he's battling stage 4 prostate cancer.

"Although I was shocked and stunned by the news, I feel fortunate that it was detected early, and according to my extraordinary team of doctors, the prognosis is positive for a full recovery," the 70-year-old said in a statement to People magazine.

O'Neal's diagnosis comes less than three years after the death of his longtime love, actress Farrah Fawcett. The "Charlie's Angels" star succumbed to a rare form of anal cancer at the age of 62.

"I am deeply grateful for the support of my friends and family during this time, and I urge everyone to get regular checkups, as early detection is the best defense against this horrible disease that has afflicted so many," adds O'Neal.

In the U.S., prostate cancer is the number one non-skin cancer in men, affecting some 18 percent in 2005. The best ways to reduce your risk of the disease are to eat less meat, consume more fruits and vegetables, drink green tea, increase physical activity and maintain a healthy weight. To learn more, check out this helpful list from the Mayo Clinic.